The Association of Certified Chartered Accountants and Enterprise Uganda have renewed their Memorandum of Understanding (MoU) to provide mentorship for business start-ups.
According to Approved Index, Uganda is the most entrepreneurial country in the world with an entrepreneurship rate of 28 per cent. This is almost double the entrepreneurship rate of Thailand, in second place with 16 per cent.
Ms Rosemary Mutyabule, the director business advisory and consultancy at Enterprise Uganda, said the MoU seeks to renew the two-year partnership which had expired.
“Financial management is vital in the survival of any business, and as such each entrepreneur is assigned to a mentor who checks on them periodically,” she said, adding that the process is aimed at formalising small scale businesses.
The first phase of the partnership benefited more than 100 small scale enterprises that received financial assistance from the assigned ACCA practitioners.
The agreement enables ACCA trained accountants to provide free-of-charge advice to small businesses that often find it difficult to access the finance they need and professional expertise required for growth.
According to ACCA global chief executive officer Helen Brand, small scale enterprises account for half of the world’s private sector and appetite for financial expertise is substantial.
“Our own research shows that SMEs with well-developed finance teams, or with access to accountants as business advisers, can achieve faster, more sustainable growth and they can attract investment to help them develop.
“Credit providers, supply chain partners and other stakeholders all require a wealth of information from growing businesses, and it is the accountancy profession who can ease the wheels of business for SMEs,” she said.